3 Key Trends Propelling UV LED Market Outlook Over 2021-2027
The global UV LED market is touted to register commendable proceeds through the ensuing years, owing to an escalation in the product launch initiatives by major market participants for gaining a competitive edge in the industry.
To cite an instance, in March 2020, Crystal IS rolled out its enhanced Klaran product line-up of germicidal UV LEDs. The products are equipped with UV-C technology for the disinfection of airborne, surface, and water pathogens.
In addition, various UV LED manufacturers and organizations are focusing on research initiatives for harnessing the potential of UV-LED technology in the healthcare sector. For instance, in December 2020, a study conducted by the Tel Aviv University researchers underscored that coronavirus can be quickly and efficiently destroyed using UV LEDs. This signifies the first study centered on the disinfection efficiency of UV-LED irradiation at various frequencies or wavelengths on a coronavirus.
Propelled by similar advancements and as stated by the latest research by Global Market Insights, Inc., the ultraviolet light-emitting diode (UV LED) market share is estimated to exceed a valuation of USD 1.5 billion through 2027. This rise is ascribed to the increasing UV LED demand in laboratory testing and forensic investigation.
The industry growth is further impelled by the rising crime rate which is encouraging the adoption of UV LEDs for the inspection of latent fingerprint and bloodstains.
Some of the pivotal trends that are expected to push UV LED industry expansion are as follows:
Rising demand for medical light therapy
The UV LED industry share from medical light therapy accounted for more than 10% of the overall market value in 2020 and is anticipated to expand at a substantial CAGR of 18.5% through the analysis period. This rise can be ascribed to the increasing UV-A LED adoption in medical light devices for the treatment of skin disorders.
UV LED technology is deployed in medical light therapy, such as PUVA therapy, for the treatment of vitiligo, psoriasis, and other atopic skin disorders. Numerous research institutes are engaged in the development of UV technology solutions for light therapy for the purpose of curing skin disorders.
Increasing popularity of UV-B LEDs
The UV-B LEDs segment recorded nearly 12% of the market revenue in 2020 and will depict considerable growth through the estimated period. This upsurge is accredited to numerous UV-LED features comprising noise-free fanless design, easy switching, eco-friendly nature, and high performance in comparison to traditional UV lamps and UV bulbs.
These characteristics make UV-B LEDs an ideal solution for horticulture, indoor plant growing, livestock farming, gardening, and greenhouse. The segment growth is also escalated by the increasing technological advancements for urban and indoor farming. The light-emitting diodes are cost-efficient and provide the necessary wavelength for the regulation of dormancy and flowering period.
Soaring UV curing systems requirement in Europe
The UV LED market share in Europe is expected to record a lucrative CAGR of 15% over 2021-2027, propelled by the surging demand for UV curing systems across a range of industrial applications including adhesiveness, coating, and printing, among others.
The rapid adoption of low photoinitiator components in ink formulators deployed for UV curing systems and the increasing technological development in print curing will stimulate the demand for UV LEDs in the region.
All in all, the soaring implementation of UV technology in an array of smart home appliances comprising advanced kitchen appliances, air conditioners, smart water purifiers, and refrigerators will drive UV LED market forecast through the assessment period.
Source: Global Market Insights Inc.